When An Estate Plan Isn’t Asset Protection

In a previous post I shared the details of the incomplete (if not financially fatal) advice  one physician got from a source with questionable experience. That advice involved some common misconceptions among lay people and advisors about very basic legal and risk management concepts. Understand the REAL Role of Your Estate Planning For the most successful and/or […]

Asset Protection: What Your Umbrella Policy Covers

Understanding the Vital Role of Your Umbrella Policy (And Why It is Not Enough On It’s Own)   Financial columnist Steve Savant interviews asset protection attorney Ike Devji on Asset Protection Strategies for Business owners and entrepreneurs.

A $500K Asset Protection FAILURE

FATAL FLAWS

Successful business owners and doctors face many different kinds of risks. The following real story* illustrates significant exposures in one physician’s planning. Failure to Adequately Insure and Implement Legal Planning I was personally involved in this case earlier this year as an anti-fraud consultant.  A doctor’s husband was at fault in a car-pedestrian accident and struck and seriously injured […]

Year-End Tax-Scams Targeting Doctors and Business Owners

TAX FRAUD

 The year-end planning rush so familiar to physicians has many pitfalls including a variety of serious tax scams. Some scams covertly target you externally, while others are actually brought to doctors and business owners by their own would-be advisors; today we provide some red flags to look out for on both fronts. This is part […]

Year-End Tax Plan Sales Targeting Doctors, Business Owners

Year End Sales Hustle

The last quarter of the year is historically an active time for physicians and business owners and their tax, legal and financial advisors. Given increased regulatory issues, I.R.S. scrutiny and increased fraud, it’s vital that you do some basic due diligence before you pull out your checkbook. Doctors are heavily solicited for a variety of tax and […]

Employment Manuals Commonly Overlooked in Asset Protection Plans

EMPLOYEE HANDBOOKS

Medical practices and other businesses of all types face many types of risk outside the strict scope of their professional liability. One major lawsuit risk to business owners and doctors is employment-related lawsuits that must be mitigated with a professionally drafted employment manual. I continually stress that a good asset protection plan has many layers, including management of all reasonably anticipatable risks. […]

IRA Creditor Protection Issues – Asset Protection

IRA TRUSTS

Although IRA asset protection is provided by law to most personally owned and funded IRA accounts there are several other important asset-protection issues doctors, business owners, and other successful individuals need to consider. The (very) general rules of thumb about IRAs: For the purposes of brevity in the context of this column, in most cases, your […]

Tax Scam Warning – Fraud and ID Theft in 2015

ID THEFT AND INFORMATION SECURITY

Tax filing related scams are at all-time high and we are warning our clients about some specific fact patterns and known risks.  These criminal scams take many forms including mail, phone, email and now even social media and texts. Phone calls and email still seem to make up the bulk of the attempts, make sure […]

What’s the Difference Between a Will and a Trust and Which one Do I Need?

FAMILY

An estate plan is always necessary unless you want your estate to pass through “operation of law” which involves the long, uncertain, public and expensive process at your death with a stranger (the courts) deciding who gets everything you leave behind. This process often leads to heartache, delay and additional stress for those you leave […]

What is an ILIT or Irrevocable Life Insurance Trust ? (and why should doctors and business owners use it)

ILIT

We’ve previously devoted a number of discussions to the use of life insurance by physicians and business owners including a look at how to buy insurance and discussions of its specific uses and how much life insurance a doctor and his or her spouse should have. This week we take an introductory look at a […]